Wednesday, October 17 , 2018, 6:17 am | Fair 50º

 
 
 
 

American Riviera Bank Reports Increased Earnings

American Riviera Bank (OTC Markets: ​ARBV) has announced unaudited net income of $1,425,000 ($0.33 per share) for the second quarter ended June 30, 2016, compared to the $362,000 ($0.13 per share) reported June 30, 2015.

Pre-tax, unaudited, operating income excluding merger related costs and income for the six months ended June 30, 2016, was $3,654,000 ($0.85 per share), which is 136 percent better on a share adjusted basis than the $966,000 ($0.36 per share) achieved for the same reporting period last year prior to the merger.

As of June 30, 2016, total shares outstanding was 4,322,252 and market capitalization was $46.7 million.

As of June 30, 2016, the bank reported $360 million in total loans with no other real estate owned.

The bank continues to have an impressive deposit mix with non-interest bearing demand deposits representing 35 percent of the $354 million in total deposits for the second quarter ending June 30, 2016.

The bank has seen strong account opening in 2016, opening 117 new accounts on average every month.

Jeff DeVine, president and CEO stated, “We are very pleased with our excellent second quarter as the bank has seen increasing operational and financial synergies from the merger. This is highlighted by one of our best quarterly earnings per share and healthy account opening on a monthly basis. We are excited to continue building meaningful relationships and serve the banking needs of the greater Santa Barbara area.”

As of June 30, 2016, American Riviera Bank has $428 million in total assets and maintains a strong capital position with Tier 1 Capital Ratio of 11 percent, well above the regulatory guideline of 8 percent for well capitalized institutions.

For the first six months of 2016, the bank recorded a return on average assets of 0.8 percent and a return on average equity of 7.31 percent after non-recurring, merger related costs of $1.2 million and income of $577 thousand.

Based on an initial estimate of merger fair value accounting, which remains subject to revision, the tangible book value of American Riviera Bank’s stock is $10.03, and the book value is $11.13 at June 30, 2016, an increase from the $10.40 book value as of June 30, 2015.

— Michelle Martinich is the chief financial officer at American Riviera Bank.

 

Support Noozhawk Today

You are an important ally in our mission to deliver clear, objective, high-quality professional news reporting for Santa Barbara, Goleta and the rest of Santa Barbara County. Join the Hawks Club today to help keep Noozhawk soaring.

We offer four membership levels: $5 a month, $10 a month, $25 a month or $1 a week. Payments can be made using a credit card, Apple Pay or Google Pay, or click here for information on recurring credit-card payments and a mailing address for checks.

Thank you for your vital support.

Become a Noozhawk Supporter

First name
Last name
Email
Select your monthly membership
Or choose an annual membership
×

Payment Information

Membership Subscription

You are enrolling in . Thank you for joining the Hawks Club.

Payment Method

Pay by Credit Card:

Mastercard, Visa, American Express, Discover
One click only, please!

Pay with Apple Pay or Google Pay:

Noozhawk partners with Stripe to provide secure invoicing and payments processing.
You may cancel your membership at any time by sending an email to .(JavaScript must be enabled to view this email address).

  • Ask
  • Vote
  • Investigate
  • Answer

Noozhawk Asks: What’s Your Question?

Welcome to Noozhawk Asks, a new feature in which you ask the questions, you help decide what Noozhawk investigates, and you work with us to find the answers.

Here’s how it works: You share your questions with us in the nearby box. In some cases, we may work with you to find the answers. In others, we may ask you to vote on your top choices to help us narrow the scope. And we’ll be regularly asking you for your feedback on a specific issue or topic.

We also expect to work together with the reader who asked the winning questions to find the answer together. Noozhawk’s objective is to come at questions from a place of curiosity and openness, and we believe a transparent collaboration is the key to achieve it.

The results of our investigation will be published here in this Noozhawk Asks section. Once or twice a month, we plan to do a review of what was asked and answered.

Thanks for asking!

Click Here to Get Started >

Reader Comments

Noozhawk is no longer accepting reader comments on our articles. Click here for the announcement. Readers are instead invited to submit letters to the editor by emailing them to [email protected]. Please provide your full name and community, as well as contact information for verification purposes only.

Daily Noozhawk

Subscribe to Noozhawk's A.M. Report, our free e-Bulletin sent out every day at 4:15 a.m. with Noozhawk's top stories, hand-picked by the editors.

Sign Up Now >

Meet Your Realtor Sponsored by Village Properties

Photo of Cimme Eordanidis
Cimme Eordanidis
"Since I truly enjoy doing what I do, interacting with people and representing them during one of life's most exciting events is very rewarding."

Full Profile >